Laxmi Capital News
World Bank to provide 266 mil USD concessional loan to Nepal

KATHMANDU : The World Bank (WB) has agreed to provideconcessional loan of 200 million US dollar under the First Programmatic Fiscaland Public Financial Management Development Policy Credit (DPC) in budgetarysupport and 66 million US dollar for Rani Jamara Kulariya Irrigation Scheme.

At a programme organised atFinance Ministry on Thursday, Country Director of the World Bank, Qimiao Fan,and Secretary at the Ministry of Finance, Rajan Khanal, signed the agreement tothat effect.

The loan proceeds availableunder ‘Development Policy Credit’ will be utilized in the sector ofgovernment’s priority through national budgetary system. This policy credit istailored with prior actions of reform in fiscal and public financial managementsector. The agreement remains effective until 28th February, 2019.

The second agreement signedtoday is for Rani Jamara Kulariya Irrigation Scheme II which envisionsmodernizing irrigation system and strengthening the water user’s associationscommittees and agricultural production support.

In the second phase ofmodernization of the project, the credit amount will be utilized to completethe remaining works of ongoing project. This credit agreement remains effectiveuntil December 31, 2023.

On the occasion, theGovernment of Nepal has expressed its sincere appreciation to the World Bankfor the concessional loan assistance and for continued support in thesocio-economic development of Nepal.

Source : My Republica, 10th May 2018

Click here to download...!